Determine the specific niche your business intends to fill (what you will be in the minds of your prospects and customers/clients).

In establishing your position, think in terms of:

Objectives

Strengths and weaknesses of what you offer

Perceived competition

Target market, i.e., its needs

Marketplace trends

Ask yourself these basic questions:

What business am I in?

What is my goal:

What benefits do I offer?

What are the competitive advantages?

What do I fear?

Identify your target market

Then, measure your position against four criteria:

Does it offer a benefit that your target market really wants?

Is it a valid benefit?

Does it truly separate you from your competition?

Is it unique and/or difficult to copy?

Create your strategy

This can be accomplished with seven sentences:

Know your purpose (to maximize profits, etc.)

Describe how you will accomplish it

Describe your target market(s)

Outline the tactics you’ll employ

Describe your niche

Reveal the identity of your business (what you want it be known for)

State your budget (if estimable)

Set your positioning statement

The positioning statement reveals the identity of your offering; it explains what the product/service stands for, why the offering has value, and why it should be purchased. Unlike image, which is the impression you choose to make for your business, identity defines what your business is really about.

Develop your working marketing plan

Identify the market

List goals

Address long-term and near-future vision

Consider (realistic) market share

Schedule timing

Make projections

Provide promotional framework

Specify media and other avenues to use

Consider personnel issues and outsourcing

Reflect on potential obstacles/pitfalls

Consider remedies

Estimate campaign costs

Consider the use of a situational analysis

This should include information about your:

Key prospects and audience

Current and expected competition

The possibilities, probabilities and reality of the marketplace at (this) time

Financial plan/projections

It’s a lot of work, but well worth it.

Allan Starr is the founder and creative director of Marketing Partners, at astarr@markpart.com.

WRITING A BUSINESS PLAN

Business Plan considerations:

Why write a Business Plan

What do lenders and investors look for

Developing an Exit Strategy

Developing financial assumptions

Cover sheet:

What to include

Executive Summary

Part I/The Organizational Plan

Description of the business

Products or services

Management and personnel, description of departments and their functions